Shiba Inu Price Forecast: As Shib Climbs 7%, Traders Revisit Potential For SpongeBob To Explode

Updated: 26 October 2023

Disclosure

Don’t invest unless prepared to lose all the money you invest. This is a high-risk investment, you shouldn’t expect to be protected if something goes wrong.

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SHIB price has surged 7% in the past 24 hours and is trading at $0.00000794 as of 7:18am EST with trading volume reaching $381 million.

The upturn in its fortunes comes after it broke through the $0.00000810 resistance trendline following a few months of price declines.

This week SHIB’s value has grown by 18%. Its market cap is currently $4.2 billion, with 590 trillion tokens circulating.

SHIB/USD Chart analysis. Source: GeckoTerminal.com — SHIBUSD Chart analysis. Source: GeckoTerminal.com

The price of the Shiba Inu (SHIB) coin has rebounded from the $0.00000669 support level after following a descending wedge pattern.

Moreover, it has surpassed the 50-day Simple Moving Average (SMA), signaling a bullish trend and the descending wedge’s resistance trendline breakout.

This upward momentum has breached the upper boundary of the wedge, and there are expectations of a further push above the 200-day SMA.

SHIB Price Prediction

Overall, SHIB’s outlook appears favourable but remains susceptible to risks. Bears may attempt to reverse from the upper boundary of the wedge. However, if you’re optimistically bullish, keep an eye out for the potential of a downside break.

If the boundary remains resilient, it could also indicate a potential reversal, leading to another upswing within the wedge, possibly reaching $0.00000620.

SHIB has been unable to form a golden cross and has retreated from its 200-day moving average, confirming a short-term bearish move

Should bullish momentum persist, SHIB would face significant resistance at $0.00000859. A breach above this level could see the price stay above the upper boundary of the wedge and reach $0.00001144 by 2023.

While at it, a bearish breakdown may occur, leading to SHIB’s price declining to $0.00000620. A drop below the support trendline would lead to a price of $0.0000050.

SpongeBob (SPONGE) has been performing impressively, drawing the attention of investors as its price underwent a sequence of spikes, indicating a bullish rally.

SpongeBob Skyrockets 32%, Is a Bull Rally in Play?

SPONGE, the native token of the SpongeBob ecosystem, is on the verge of a potential price breakout, surging 32% higher after a prolonged downturn.

It provides a community-centric meme token experience, enabling investors to engage in the crypto space while having the opportunity to achieve substantial returns on their investments.

As of 8:19 a.m. EST, data from GeckoTerminal.com reveals that SPONGE is currently priced at $0.0001150. This reflects a 6% increase in the last 24 hours.

The token has experienced a 24-hour trading volume of $543K, indicating an 18% decrease in price.

It’s worth noting that SPONGE has seen a significant 24% increase in value over the past week, which might attract more potential buyers.

SPONGE Chart Analysis. Source GeckoTerminal.com

The price of SPONGE has exhibited a breakout above the descending wedge pattern, a trading signal that typically confirms a bullish reversal trend or a bull rally.

The price has met resistance at the $0.0001174 mark twice. Future projections for SPONGE suggest a gradual growth pattern interspersed with occasional spikes and consolidation phases.

SpongeBob Airdrop Competition

SpongeBob is hosting an ongoing airdrop competition, with the closing date approaching. This competition will distribute 10% of the complete SPONGE token supply to participants who meet the eligibility criteria.

🧽 4 DAYS LEFT, #SPONGERS! 🚀

The $SPONGE Airdrop Season 1 is nearing its climax! 🎉

Secure your spot NOW before entries close on October 30th!

Join the 'Airdrop Sign-Up' channel on Discord to get involved!

👉 https://t.co/lzRhjW4WBj #Web3 #Crypto #Trade #Alts pic.twitter.com/4E5t5XxsWj

— $SPONGE (@spongeoneth) October 26, 2023

The announcement of the competition’s winner is scheduled for November 1, 2023. Moreover, this marks only the initial phase, as there is a possibility of additional airdrop programs in the pipeline for the future.

Furthermore, in just 7 days, the staking feature will become available, enabling users to stake their tokens and generate passive income. Starting November 1st, you can STAKE your $SPONGE tokens and partake in passive rewards.

You can buy SPONGE tokens from various exchanges, such as Uniswap, LBANK, MEXC, and BitGet, to participate in this enticing opportunity.